Exxon Mobil Gives Cold Shoulder to Climate Change Proposals, Claims It's Not a Break-Up

Lekha Gupta
2 min read
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In this article:

  • In the AGM yesterday, Exxon Mobil Corp (NYSE: XOM) rejected proposals from investor groups that demanded more robust measures to address climate change.

  • The U.S. oil major dismissed all 12 proposals at the meeting and opposed pressure to follow European rivals in assuming more rigid emissions reduction goals, reported Reuters.

  • Another U.S. Oil major, Chevron Corp (NYSE: CVX) investors also rejected the group's proposals.

  • Related: No Escape for Big Oil: US Supreme Court Denies Exxon, Chevron's Climate-Change Case Venue Swap

  • "There is no single oil major that really wants to transition. They all want to hang on to fossil fuels as long as possible." said Mark van Baal, founder of the activist group 'Follow This.'

  • 'Follow This' represents some 9,500 shareholders in oil and gas companies, who had requested XOM to set Scope 3 targets or their medium-term goals for reducing fuel emissions by customers.

  • Protesters have earlier crashed shareholders meetings of other oil companies, such as Shell PLC (NYSE: SHEL) and TotalEnergies SE (NYSE: TTE), this year.

  • Darren Woods, the CEO of XOM, termed Follow This as "an anti-oil and gas" group using environmental and social objectives "to diminish the important role Exxon plays" in the industry.

  • He further added, "Scope 3 gives companies like ours, zero credit for reducing other's emissions through technologies such as carbon capture and storage."

  • Notably, XOM is the only one of the five U.S. oil majors that don't have 2030 customers' carbon emissions reduction targets.

  • Also Read: Exxon LNG Terminal In Italy Attracts Bid From BlackRock And Three Others, Transaction Could Be Worth $881M

  • Price Action: XOM shares are trading higher by 0.15% at $102.33 premarket on the last check Thursday.

  • Photo via Wikimedia Commons

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